Article by Brighton & Hove City Council.
The business case set out the significant economic benefits to be gained from the proposed redesign of the Old Steine to Palace Pier area resulting from:
• reductions in the number of collisions and casualties
• an increase in public space
• walking and cycling benefits
• increased land values
The estimated cost of the project is £7.84 million. The majority will be funded by the LEP’s £6 million allocation. The £6 million we have been awarded by the LEP will come from the Local Growth Fund. This is money from central government awarded to Local Enterprise Partnerships for projects that benefit the local area and economy and that cannot be spent on any other projects or services.
The LEP requires us to contribute funding for the project of at least 15% of the project cost. This means that we will contribute £1.84 million from our Local Transport Plan budget, local contributions and potentially private sector development contributions.
Working to deliver Phase 3.
We will sign a formal funding agreement with the LEP, with the aim of delivering the Phase 3 scheme in 2020. In accordance with the terms of the agreement, the £6 million funding from the LEP must be drawn down completely by March 2021.